Organizers of MOXY Bank say they have received conditional approval from the Federal Deposit Insurance Corp. to open in the nation's capital.
The group applied in July in hopes of opening in the first quarter. MOXY, which made the announcement in an email obtained by American Banker, would be the first bank to secure FDIC approval this year.
Casey Mauldin, who is expected to serve as the bank’s president and CEO, did not immediately respond to a request for comment.
An FDIC spokesman said Monday that the application is still pending.
The FDIC approved 15 de novo applications last year, or more than the previous four years combined.
MOXY intends to cater to low- and moderate-income customers by offering traditional banking products and a financial literacy program, Mauldin said in an interview last year.
The bank would also have an operations center and loan production office in Charlotte, N.C. Mauldin previously was the chief innovation officer for Carolina Premier Bank in Charlotte, which was sold to Select Bancorp in 2017.
MOXY’s website says the bank is “coming soon,” and lists a downtown Washington address under its contact information.
The group said last summer that Melissa Bradley would serve as the bank’s chairman. Bradley is a managing director of Project 500, a business development program designed to help develop diverse businesses.
